AML/Compliance/KYC professionals come in!

Originally Posted by Unregistered

I’m currently drawing around $4200 in a regional bank doing perm CDD/KYC work.

Abit of my background, I have stayed with this bank for more than 6 years, armed with local uni degree (hons) cert in Mathematics.

I started looking out for jobs recently as my pay has been quite stagnant since 2019.

After going for quite a few interviews, I settled for a 2-year contract offer from a foreign CIB as a KYC Analyst. They are giving me $5100. They told me that this’s a long term contract and after the contract has ended, many staff usually just renew the contract unless they’re really CMI. It was even stated in the offer letter that “At the end of the contract, it will be renewable given the mutual agreement between the employer and the staff.” Notice period is 2 months if I want to resign.

Actually, that bank is my second choice as my aspiration is to join JPMC. However, the competition at JPMC is really stiff and I cannot even get past the first interview even when my friend had referred me for the role.

A few questions for the bros here,

1) Based on my description above, do you think that I’ve made a right choice in the move? From perm to contract.

2) Should I just settle for this bank and work hard to try to transfer to their perm position? Or should I just continue to try JPMC? Honestly, I’m really disheartened with JPMC even though I’ve put in so much effort to prepare for the interview and make use of all my connections to get the interview opportunity.

Right choice becoz of pay bump. Assume still higher if u had bonus at old place. But u lose whatever other benefits of perm. Actually why dwell on it since u can’t go back in time?

If u really like jpm just continue trying when u have the chance lo. Is it mutually exclusive? And continue working hard at the same time at your current place. We all have goals but doesn’t mean they will always come true

Originally Posted by Unregistered

I’m currently drawing around $4200 in a regional bank doing perm CDD/KYC work.

Abit of my background, I have stayed with this bank for more than 6 years, armed with local uni degree (hons) cert in Mathematics.

I started looking out for jobs recently as my pay has been quite stagnant since 2019.

After going for quite a few interviews, I settled for a 2-year contract offer from a foreign CIB as a KYC Analyst. They are giving me $5100. They told me that this’s a long term contract and after the contract has ended, many staff usually just renew the contract unless they’re really CMI. It was even stated in the offer letter that “At the end of the contract, it will be renewable given the mutual agreement between the employer and the staff.” Notice period is 2 months if I want to resign.

Actually, that bank is my second choice as my aspiration is to join JPMC. However, the competition at JPMC is really stiff and I cannot even get past the first interview even when my friend had referred me for the role.

A few questions for the bros here,

1) Based on my description above, do you think that I’ve made a right choice in the move? From perm to contract.

2) Should I just settle for this bank and work hard to try to transfer to their perm position? Or should I just continue to try JPMC? Honestly, I’m really disheartened with JPMC even though I’ve put in so much effort to prepare for the interview and make use of all my connections to get the interview opportunity.

Depends on what you are looking for in a role. Contracts are paid higher in general to compensate for the poor intangible benefits/bonus.

Not sure why like JPMC so much. KYC in banking has high volume and manual in general.

Have an open mind to explore your options. There is only so much a KYC analyst can earn.

With your years of experience, you should be looking at a more senior or managerial role.

Originally Posted by Unregistered

Depends on what you are looking for in a role. Contracts are paid higher in general to compensate for the poor intangible benefits/bonus.

Not sure why like JPMC so much. KYC in banking has high volume and manual in general.

Have an open mind to explore your options. There is only so much a KYC analyst can earn.

With your years of experience, you should be looking at a more senior or managerial role.

Hi bro, thanks for your reply.

1) After reading this forum, it dawned upon me that I shouldn’t do kyc for too long. Thus, I’ve signed up for some courses with ICA so that hopefully I can move to compliance advisory role in the near future.

2) Many people told me JPMC is the number 1 bank. If you can go into JPMC, your career future will be very bright and a fat pay cheque awaits you. I really hope that I can have a breakthrough in my career.

To AML/FCC/KYC professionals out there, what is an expected/market salary (base pay + bonus combined if any) for the following experience level? You could share your actual package as well if you have actually gone through these.

0 - 2 years experience?
2 - 4 years experience?
4 - 6 years experience?

Fully aware the salary varies based on a plethora of considerations/factors/qualifications so feel free to include and list them down to support the salary figures!

Originally Posted by Unregistered

To AML/FCC/KYC professionals out there, what is an expected/market salary (base pay + bonus combined if any) for the following experience level? You could share your actual package as well if you have actually gone through these.

0 - 2 years experience?
2 - 4 years experience?
4 - 6 years experience?

Fully aware the salary varies based on a plethora of considerations/factors/qualifications so feel free to include and list them down to support the salary figures!

local bank, local finance grad, 2 years experience in AML, drawing 4.1k before bonus which is ard ~2ish mths.

Originally Posted by Unregistered

local bank, local finance grad, 2 years experience in AML, drawing 4.1k before bonus which is ard ~2ish mths.

Direct hire or grad program?

Originally Posted by Unregistered

local bank, local finance grad, 2 years experience in AML, drawing 4.1k before bonus which is ard ~2ish mths.

Thanks for sharing! This is pretty good considering the 2ish month bonus too (I would think this is rather rare)!

Are you part of a grad programme, or direct hire as an analyst after graduation? How is the promotion prospect like moving forward? Any potential pay increment in the near future, if so, how much do you reckon?

Originally Posted by aneano

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l m a o ...

Originally Posted by Unregistered

To AML/FCC/KYC professionals out there, what is an expected/market salary (base pay + bonus combined if any) for the following experience level? You could share your actual package as well if you have actually gone through these.

0 - 2 years experience?
2 - 4 years experience?
4 - 6 years experience?

Fully aware the salary varies based on a plethora of considerations/factors/qualifications so feel free to include and list them down to support the salary figures!

UK bank. 6 years experience. 80k base, ~1 month bonus

Originally Posted by Unregistered

UK bank. 6 years experience. 80k base, ~1 month bonus

Is this below average?